Daily Current Affairs and GK | 6 December 2024

Topic: Indian Economy

1. RBI has decided to keep policy repo rate unchanged at 6.50% for 11^th time.  

• RBI has decided to keep it unchanged by a majority of 4:2.
• Standing deposit facility (SDF) rate is kept at 6.25 per cent.
• Marginal standing facility (MSF) rate and the Bank Rate are kept at 6.75 per cent.
• Since February 2023, the RBI has kept benchmark interest rates unchanged.
• The Monetary Policy Committee (MPC) also decided unanimously to continue with the ‘neutral’ outlook.
• Cash Reserve Ratio (CRR) has been reduced by 50 basis points to 4%.
• CRR is a percentage of a bank's deposits that they keep with the RBI as reserves.
• GDP growth projection for FY25 has been reduced to 6.6% from 7.2%
• Inflation projection for FY25 has been kept at 4.8%
• In September 2023, the UPI credit line was introduced. scheduled commercial banks were given access to it.
• The decision has finally been made to allow small finance banks to approve UPI credit lines.

Topic: Indian Economy

2. India's GDP growth projection for FY25 has been revised by Morgan Stanley from 6.7% to 6.3%.

• In the July-September quarter of 2024, India’s GDP growth slowed to 5.4% year-on-year. This was its lowest level since March 2023.
• This was a declined from 6.7% growth in previous quarter. This fell short of Morgan Stanley's forecast of 6.3%.
• Both private consumption and capital expenditure showed signs of slowing down. Private consumption grew at a faster rate.
• However, with a growth rate of 7.1%, the services sector showed resilience.
• Manufacturing and energy were the main drags on the industrial sector, which trailed at 3.9%.
• For a long-term recovery, Morgan Stanley suggests three crucial variables to keep an eye on.
• The first includes cash balances kept with the RBI and changes in government spending, especially in revenue and capital expenditure.
• The second is agricultural performance. Lastly, domestic liquidity and financial conditions continue to be crucial.

Topic: Important Days

3. Mahaparinirvan Diwas observed on 6 December 2024.

• This marked the 69th death anniversary of Dr BR Ambedkar, the main architect of the Indian Constitution.
• Vice President Jagdeep Dhankhar, PM Modi, and others paid floral tributes to Dr BR Ambedkar at Prerna Sthal in the Parliament House complex in New Delhi.
• Dr B R Ambedkar served as chairman of drafting committee of the Indian Constitution.
• He also served as Minister of Law and Justice from 1947-1951. He was posthumously awarded Bharat Ratna in 1990.
• Chaitya Bhoomi is the cremation place of Dr B R Ambedkar. He died on 6 December 1956.

Topic: Indian Polity

4. Indian Airforce Bill 2024 has been approved by the Parliament.

• On 5 December, the Indian Airforce Bill 2024 approved by the Parliament with its passage by the Rajya Sabha.
• This year, the Lok Sabha had passed the bill in the monsoon session.
• The Bill empowers the Central Government to make rules for regulating the design, manufacture, maintenance, sale, export or import of any aircraft and for ensuring the safety of aircraft operations.
• In addition, the aim of the bill is to empower the Government to make rules for the investigation of any air accident or incident.
• The government is committed to taking the aviation sector to the next level and aims to make the country an aviation hub.
• Apart from bringing more people into the air travel network, the bill also focuses on job creation and economic activity.
• There has been a lot of development in the aviation sector by the government, as a result of which the number of airports in the country increased from 74 in 2014 to 157 by 2024.

Topic: Sports

5. India hockey team won the Men's Junior Asia Cup 2024.

• On December 4, the Indian junior men's hockey team won their fifth title by defeating Pakistan 5-3 in the final of the Men's Junior Asia Cup 2024 in Muscat, Oman.
• On this occasion, Hockey India announced cash rewards of Rs 2 lakh to each player and Rs 1 lakh to each support staff member for their stellar performance and title defense in the Men's Junior Asia Cup.
• In 2004, India won the Men's Hockey Junior Asia Cup title for the first time.
• So far, India has won the tournament a record five times, including their previous wins in 2023, 2015, 2008 and 2004.

Topic: Art and Culture

6. PM Modi inaugurated Ashtalakshmi Mahotsav at Bharat Mandapam in New Delhi on 6 November 2024.

• The three-day event will highlight each of the eight North Eastern states' distinctive products, artisanal crafts, thriving textile industry, and culture.
• The eight Northeastern states—Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, and Tripura—collectively referred to as the Ashtalakshmi are the source of inspiration for the event. 
• 34 GI-tagged goods will be among the distinctive handicrafts, handlooms, and agri-horti products on exhibit by more than 250 artists throughout the event.
• The Rural Haat Bazaar, which will include artwork and produce from 320 local farmers and craftspeople, will be the main attraction.
• Economic growth will be stimulated by the Mahotsav, opening up new doors for North East artisans, weavers, and businesspeople.

(Source: News on AIR)

Topic: MoUs/Agreements

7. A 50 million dollar loan agreement has been signed by the Centre and the Asian Development Bank (ADB) for a climate-adaptative water harvesting project in Meghalaya.

• On December 5, 2024, the Climate-Adaptative Community-Based Water-Harvesting Project loan agreement was signed.
• Across 12 districts, the initiative will help build 532 small water storage facilities.
• In order to capture and control excessive rainfall and flash floods during the monsoon season, these facilities will be designed with climate resilience in mind.
• During the dry season, the stored water will increase water security.
• Three thousand hectares of command area will be created as part of the project to give farmers access to dependable irrigation sites.
• Additionally, it will set up 50 weather stations to collect and track climate data, as well as micro-irrigation systems in the Khasi, Jaintia, and Garo regions.
• The Meghalaya State Watershed and Wasteland Development Agency and the Soil and Water Conservation Department will receive assistance from the ADB to improve their water management capabilities.

Topic: Government Schemes and Initiatives

8. Union Minister launched ‘Anna Chakra’ to enhance the efficiency of the PDS supply chain.

• Food and Public Distribution Minister Pralhad Joshi launched ‘Anna Chakra’ to enhance the efficiency of the Public Distribution System (PDS) supply chain in New Delhi.
• It has been developed in collaboration with the World Food Programme (WFP) and the Foundation for Innovation and Technology Transfer (FITT), IIT-Delhi.
• This tool will revolutionise and modernise the PDS logistics network and enable the seamless movement of food grains across the nation through route optimisation.
• It will also provide environmental benefits of lower carbon footprint due to reduced transportation-related emissions.
• A portal named the Subsidy Claim Application for the National Food Security Act (SCAN) has been launched.
• This Portal will ensure end-to-end automation of processes for the release and settlement of food subsidies.
• These steps will enhance transparency, efficiency, and accountability in the implementation of the PDS.

(Source: News on AIR)

Topic: Summits/ Conferences/ Meetings

9. 13^th round of Foreign Office Consultations held between India and Egypt.

• India-Egypt bilateral relations have been discussed and they commit to strengthening the Strategic Partnership.
• Both sides also discussed avenues for further deepening of existing relations in political, economic, and socio-cultural areas.
• Both sides also exchanged perspectives on important regional and global issues of common interest.
• India and Egypt enjoy warm and friendly relations based on historic and civilizational linkages.
• Both sides also agreed to hold the next round of FOC in Egypt.

Topic: Defense

10. A $1.17 billion deal for support systems for MH-60R helicopters has been approved by the U.S.

• A possible $1.17 billion deal to sell support equipment for MH-60R multi-role helicopters to India has been approved by the United States under its Foreign Military Sales program.
• Of the 24 helicopters contracted under a $2.2 billion deal with Lockheed Martin in February 2020, nine have been inducted into India's armed services so far.
• The necessary certification was provided by the US Defense Security Cooperation Agency (DSCA), notifying the US Congress about this potential sale of follow-on systems.
• A request has been made by the Government of India to purchase 30 Multifunctional Information Distribution System-Joint Tactical Radio Systems.
• The ability of the Government of India to deter current and future threats will be improved by the proposed sale through the upgrading of anti-submarine warfare capabilities.
• The prime contractor will be Lockheed Martin, and any offset agreements will be defined in further negotiations.

Topic: Important Days

11. World Soil Day 2024: 5 December

• Every year on 5 December, World Soil Day is observed.
• The main aim of this day is to spread awareness about the importance of maintaining healthy ecosystems.
• “Caring for Soils: Measure, Monitor, Manage" is the theme of World Soil Day 2024.
• The first official World Soil Day was celebrated in 2014.
• In 2013, the UN General Assembly adopted a resolution designating 5 December as World Soil Day.
• It is observed to bring attention to the importance of healthy soil and to advocate the sustainable management of soil resources.
• Soil supports life on earth by providing essential nutrients to plants. It reduces climate change by increasing soil organic carbon.
• More than 95% of food is produced from soil and water.
• Soil water, vital for the absorption of nutrients by plants, binds our ecosystems together.

Topic: National News

12. Government approves grants for start-ups & educational institutes in the technical textiles sector.

• The government has approved two Start-Ups in the field of Technical Textiles with a grant of nearly fifty Lakh rupees.
• The grant has been provided a grant under the ‘Grant for Research and Entrepreneurship across Aspiring Innovators in Technical Textiles (GREAT)’ scheme.
• The approved Start-Up projects will focus on key strategic areas of Sustainable Textiles and Medical Textiles.
• In the 9th meeting of the Empowered Programme Committee (EPC), the committee also approved a grant of nearly fourteen crore to six Education Institutes.
• To introduce courses in Technical Textiles under the ‘General Guidelines for Enabling of Academic Institutes in Technical Textiles’ has been launched.

Topic: Indian Economy

13. Limit for UPI Lite payments has been increased by the RBI.

• RBI has increased the UPI Lite wallet limit to ₹5,000 and the per-transaction limit to ₹1,000.
• This has been done in a bid to encourage wider adoption of digital payment systems.
• As part of its monetary policy in October 2024, the RBI had informed of its intention to adjust these limits.
• At present, there is a limit of ₹500 per transaction and an overall limit of ₹2,000 per UPI Lite wallet.
• UPI Lite allows users to do fast, one-click transactions without the requirement to enter the PIN.
• In September 2022, RBI launched the UPI Lite feature to ease the UPI transaction process.
• The UPI Lite feature is enabled by the National Payments Corporation of India (NPCI).